Shenzhen residents carry out nearly 140,000 digital yuan transactions

During the second round of testing the digital yuan (DCEP) in Shenzhen, participants carried out 139,794 transactions totaling almost $3 million, reported by local authorities.

Of distributed via lottery 100,000 ‘red envelopes’ containing 200 DCEP, recipients activated 95,628. Some lottery winners topped up their digital balances, contributing more than 1.5 million yuan in total (~$231,000).

Participants were to spend the test funds from January 7 to January 17. The total DCEP payments during this period amounted to 18.22 million yuan (~$2.8 million).

According to authorities, residents can continue to pay with digital wallets in more than 10,000 merchants that took part in the experiment and after its conclusion. Users can top up their DCEP balances via bank accounts.

In October in Shenzhen the first large-scale test of the digital yuan took place, when 1,913,847 people applied for one of the 50,000 ‘red envelopes’. In the follow-up experiment, 1,861,758 residents expressed willingness to participate.

As reported in December, DCEP testing took place in Suzhou, where authorities also distributed 100,000 ‘red envelopes’ with 200 digital yuan each.

How China managed to become a leader in monetary innovation thanks to the digital yuan (DCEP)

Subscribe to ForkLog news on Telegram: ForkLog Feed — the full news feed, ForkLog — the most important news and polls.